Today’s post: Basic Retirement Sum
It is one of the 3 types of Retirement Sum launched by CPF.
It is currently set at half the prevailing CPF Full Retirement Sum (FRS)
Why would someone wish to pledge their house in exchange for a “large” sum of money?
This post will answer that question.
For more information on the different types of Retirement Sums, click HERE
For more information on the amount on the different types of Retirement Sums, click HERE
Criteria for BRS1) You need to have a house.
The house will be used and pledged against CPF.
Is your house fully paid or are you still paying it?*
2) You need to have money in excess of the BRS amount
The BRS amount from now until 2020 has been set.
For 2019, the BRS is set at $88,000 for those turning 55
For the years beyond, please look at our post HERE
Advantages1) You get to withdraw your CPF money
No, you don’t get